Exhibit 99.1
Selected Financial Data set forth in this Exhibit 99.1 has been revised from the selected financial data included in Item 6 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 to reflect the retroactive application of our adoption of Financial Accounting Standards Board (“FASB”) Staff Position No. APB 14-1 (“FSP APB 14-1”), “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement).”
ITEM 6. SELECTED FINANCIAL DATA
The table below presents our selected consolidated financial data as of and for the five years ended December 31, 2008. The historical financial data has been derived from the historical consolidated financial statements as adjusted for the impact of adopting FSP APB 14-1. This information should be read in conjunction with the consolidated financial statements and accompanying notes included in this Current Report on Form 8-K.
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| As of and for the Years Ended | ||||||||
|
| 12/31/2008 |
| 12/31/2007 |
| 12/31/2006 |
| 12/31/2005 |
| 12/31/2004 |
|
| (as adjusted) |
| (as adjusted) |
| (as adjusted) |
| (as adjusted) |
| (as adjusted) |
|
| (In Thousands, Except Per Share Amounts) | ||||||||
Income Statement Data: |
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|
|
|
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|
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Revenues: |
|
|
|
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|
|
|
|
|
|
Net product sales |
| $561,012 |
| $739,020 |
| $705,378 |
| $412,126 |
| $626,477 |
Other product related revenues |
| 17,103 |
| 30,646 |
| 19,790 |
| 20,130 |
| 21,498 |
Total revenues |
| 578,115 |
| 769,666 |
| 725,168 |
| 432,256 |
| 647,975 |
Cost of goods sold |
| 401,544 |
| 501,147 |
| 506,884 |
| 277,554 |
| 435,988 |
Gross margin |
| 176,571 |
| 268,519 |
| 218,284 |
| 154,702 |
| 211,987 |
Operating expenses (income): |
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|
|
|
|
|
|
|
|
|
Research and development |
| 59,656 |
| 77,659 |
| 61,766 |
| 62,497 |
| 47,533 |
Selling, general and administrative |
| 137,866 |
| 138,217 |
| 148,217 |
| 92,309 |
| 67,954 |
Acquired in-process research and development |
| - |
| - |
| - |
| - |
| 84,000 |
Intangible assets impairment |
| - |
| - |
| 1,100 |
| 6,999 |
| - |
Settlements and loss contingencies, net |
| 49,837 |
| (945) |
| 1,250 |
| - |
| (2,846) |
Gain on sale of facility |
| - |
| - |
| - |
| - |
| (2,812) |
Restructuring costs |
| 15,397 |
| - |
| 1,283 |
| - |
| - |
Total operating expenses |
| 262,756 |
| 214,931 |
| 213,616 |
| 161,805 |
| 193,829 |
Gain on sale of product rights and other |
| 9,625 |
| 20,000 |
| 3,054 |
| - |
| - |
Operating (loss) income |
| (76,560) |
| 73,588 |
| 7,722 |
| (7,103) |
| 18,158 |
Other income (expense), net |
| - |
| (56) |
| 126 |
| (831) |
| 63 |
Gain on extinguishment of senior subordinated convertible notes |
| 3,033 |
| - |
| - |
| - |
| - |
Equity in loss of joint venture |
| (330) |
| (387) |
| (663) |
| (534) |
| (795) |
Loss on marketable securities and other investments, net |
| (7,796) |
| (1,583) |
| (583) |
| 16,013 |
| - |
Interest income |
| 9,246 |
| 13,673 |
| 8,974 |
| 5,343 |
| 4,869 |
Interest expense |
| (13,355) |
| (13,781) |
| (13,265) |
| (12,819) |
| (12,404) |
(Loss) income from continuing operations before |
| (85,762) |
| 71,454 |
| 2,311 |
| 69 |
| 9,891 |
(Benefit) provision for income taxes |
| (32,447) |
| 24,670 |
| (410) |
| (8,016) |
| 2,790 |
(Loss) income from continuing operations |
| (53,315) |
| 46,784 |
| 2,721 |
| 8,085 |
| 7,101 |
Gain (loss) from discontinued operations and loss from |
| 505 |
| - |
| - |
| (42,975) |
| (4,942) |
Provision (benefit) for income taxes |
| 2,361 |
| 1,212 |
| 894 |
| 3,220 |
| (1,927) |
Loss from discontinued operations |
| (1,856) |
| (1,212) |
| (894) |
| (46,195) |
| (3,015) |
Net (loss) income |
| $(55,171) |
| $45,572 |
| $1,827 |
| $(38,110) |
| $4,086 |
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Net (loss) income per share of common stock: |
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Basic: |
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|
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(Loss) income from continuing operations |
| ($1.60) |
| $1.36 |
| $0.08 |
| $0.24 |
| $0.21 |
Loss from discontinued operations |
| (0.05) |
| (0.04) |
| (0.03) |
| (1.35) |
| (0.09) |
Net (loss) income |
| ($1.65) |
| $1.32 |
| $0.05 |
| ($1.11) |
| $0.12 |
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|
|
|
|
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Diluted: |
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|
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|
|
|
(Loss) income from continuing operations |
| ($1.60) |
| $1.35 |
| $0.08 |
| $0.23 |
| $0.20 |
Loss from discontinued operations |
| (0.05) |
| (0.04) |
| (0.03) |
| (1.35) |
| (0.09) |
Net (loss) income |
| ($1.65) |
| $1.31 |
| $0.05 |
| ($1.12) |
| $0.11 |
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|
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|
|
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Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
1
Basic: |
| 33,312 |
| 34,494 |
| 34,422 |
| 34,191 |
| 34,142 |
Diluted |
| 33,312 |
| 34,718 |
| 34,653 |
| 34,435 |
| 34,873 |
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Balance Sheet Data: |
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Working capital |
| $203,462 |
| $232,100 |
| $133,817 |
| $286,081 |
| $290,543 |
Property, plant and equipment, net |
| 79,439 |
| 82,650 |
| 89,155 |
| 87,570 |
| 60,001 |
Total assets |
| 748,237 |
| 772,296 |
| 802,798 |
| 721,687 |
| 698,014 |
Long-term debt, less current portion |
| - |
| - |
| - |
| 164,257 |
| 158,537 |
Total stockholders’ equity |
| 411,983 |
| 452,810 |
| 420,431 |
| 381,524 |
| 395,910 |
2